Strategy’s debt obligation is tiny compared to their ability to raise cash. When they sell shares in MSTR, STRK or STRF, or sell convertible bonds, there’s always a disclosure that the funds “will be used to buy Bitcoin and for other corporate purposes.”

The salient question for Bitcoiners is, “Is Bitcoin Yield increasing?” So far, the answer is assuredly, yes, steadily and aggressively. Over time, as Bitcoin price rises, MSTR rises 1.5 - 2x. So they sell appreciated shares, buy Bitcoin, pay the dividends and whatever else.

I’m curious to see what they do when the price crashes. I’m not worried that they can pay their dividends, and personally, it would bother me to see them sell some Bitcoin to ride out the bear market. All we know is, Saylor said they’d pause buying Bitcoin if conditions become unfavorable to their ability to increase Bitcoin Yield.